east ventures southeast asia

Here’s what you should know for today.

1. East Ventures announces new $28M fund for Southeast Asia

Despite recent writeups about the lack of funding in Southeast Asia, Singapore-based VC East Ventures today announced its fifth fund worth $27.5 million for investment in early-stage Southeast Asian startups. With the new capital from unnamed prominent families and entrepreneurs, the VC says it will invest in more than 20 startups in the region.

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2. Alibaba bids to privatize China’s department store, Intime

Alibaba Group has offered to privatize Intime Retail, a leading China department store and mall operator.

It will help pave way for the digitization of old school retailing.

Alibaba currently owns 28% of Intime following an initial investment in the retailer in 2014. If shareholders approve the deal, Alibaba would become the controlling shareholder of Intime with an expected stake of approximately 74%.

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3. KBZ and Kasikorn Banks introduce remittance services in Rangoon

Burma’s Kanbawza Bank (KBZ) signed a memorandum of understanding with Thailand’s Kasikorn Bank in Rangoon on Wednesday to introduce remittance services for migrant workers in both countries. There are an estimated 3 million Burmese migrant workers in Thailand. Many of those workers currently use informal channels to send money home, bank officials said.

Currently, various financial institutions are rolling out remittance services, such as TrueMoney. Kasikorn bank will therefore be tapping into a competitive market to provide transaction aid for developing economies.

Read the rest of the story here.

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